DeFi and DePin have become the last bastions; the Web3 narrative indeed needs to change.

Crypto.com report: Solana’s Chief Financial Officer Kyle Samani said to U.Today that Web3 no longer exists, and that DeFi and DePin are the only current options. He noted that although this view has sparked controversy within the industry, many market participants believe the observation is at least somewhat true. Web3 was once one of the most actively promoted narratives in the crypto space, but most Web3 applications have struggled to gain significant traction, with only a few professional communities achieving some level of success. Compared with traditional platforms, blockchain-based social networks remain relatively small, and many game projects failed to retain users after early hype faded. Even so, decentralized finance (DeFi) remains the most popular use case, handling billions of dollars in value.